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Project Risk Management

 

Planning Responses:

  • Strategies for managing negative risk or threats are:
    • Avoidance – involves changing the project management plan
    • Transfer -Transfer the risk effects “to a third party”
    • Mitigation – Implies a reduction of probability and/or impact of an adverse risk event to an “acceptable” threshold
    • Acceptance – Do nothing
  • Contingent response strategy tries to combine risk responses and conditions under which the occurred risk shall be responded
  • Risk Triggers – When will the risk become an issue (date)? i.e. when will the schedule, scope or cost be impacted?

­(comp. PMBOK3, pp. 261ff)